Mark Cuban, Yuga Labs lambaste OpenSea over royalties policy as SEC looks to appeal Ripple ruling

Happy Saturday!

Billionaire investor Mark Cuban registered his discontent with NFT trading platform OpenSea no longer requiring payment of secondary royalties to creators. So Did Yuga Labs. Meanwhile, the SEC asked a judge for permission to appeal her ruling on Ripple Labs, North Korea has stolen $200 million in crypto so far this year, and a new UK rule targets illicit uses of crypto. Read on!

Here are some stories we’re looking at right now.

Cuban, Yuga criticise OpenSea

Mark Cuban and Yuga Labs were among those critical of NFT trading platform OpenSea after it decided that it will no longer require payment of secondary royalties to creators, Decrypt reported.

“Not collecting and paying royalties on NFT sales is a HUGE mistake by OpenSea,” Cuban wrote on social media platform X. He noted that he is an investor in the company. Yuga Labs wrote that it will begin sunsetting its support of OpenSea.

SEC files to appeal Ripple ruling

The US Securities and Exchange Commission requested a judge’s permission to appeal her ruling that Ripple Labs’ XRP token sales through exchanges didn’t violate securities law, arguing that the case would affect others involving crypto assets, Bloomberg reported.

The SEC petitioned Judge Analisa Torres, US District Court for the Southern District of New York, for a prompt appeal. Ripple Labs and CEO Brad Garlinghouse have until Sept. 1 to file a response.

North Korea steals $200m in crypto

North Korea has stolen about $200 million in 30 crypto hacks so far in 2023, less than in 2022 but still a sum “10 times larger than attacks by other actors,” Fortune reported, citing research by TRM Labs.

The hackers have then swapped stolen crypto through decentralised exchanges and laundered them through crypto mixers and other techniques, it said.

UK law targets illicit crypto uses

UK crypto operators must comply with a multicountry regulatory effort to stop criminal uses of digital assets, including money laundering and terrorist financing, the Wall Street Journal reported, citing the Financial Conduct Authority.

Starting Sept. 1, digital asset companies will be required to collect and transmit data on cryptocurrency transfers. Still, under certain conditions companies may be able to transfer and receive digital assets from jurisdictions that haven’t implemented the rule, the Journal said.

Securitize to acquire Onramp Invest

Securitize, a digital securities company, will acquire San Diego-based Onramp Invest, a cryptocurrency portfolio aggregation platform for financial advisers, Wealth Management reported. Onramp Invest is expected to operate as a subsidiary of Securitize.

Cointelegraph said a Securitize spokesperson declined to disclose terms of the deal. Securitize has 150 employees, while Onramp has 18, the spokesperson said. The deal is expected to close in a few days.

What we’re reading around the web

El Salvador Diary: Lightning Is Key to Bitcoin Adoption — CoinDesk

Tether waves goodbye to Omni minting, but flags Bitcoin comeback — DL News

What Are the Legal Risks to Cryptocurrency Investors? — Investopedia